Yilport signs Ecuador port concession

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Yilport signs Ecuador port concession

Yildirim Group’s subsidiary Yilport Holding has secured the rights to build and operate Puerto Bolívar Port in Machala City, Ecuador.

The concession agreement was signed on August 8 inside Puerto Bolívar. President of Ecuador Rafael Correa, Minister of Transport Walter Solis, and an audience of more than 1000 people attended the signing ceremony. In the 50-year concession, Yilport Holding commits to invest US$750 million in 5 phases for the development and modernization of the port.

Initially, Yilport will invest US$230 million in the first phase, which will span 3 years. The dredging work will deepen the draft from 10 meters to firstly 14 meters, and then to 17 meters. A new, 450-meter long quay will be built. The terminal will be equipped with modern infrastructure and cranes. Consequently, the largest container ships of the world will berth and receive services at Puerto Bolívar. Upon completion of 5 investment phases, the annual container handling capacity will reach 2.5 million TEU. Eventually, the port will become the largest and the most advanced state-of-the-art container terminal on the Pacific coast of Latin America. Puerto Bolívar will boost the foreign trade volume of Ecuador, and will constitute a strategic role in the global network of Yilport Holding.

An efficient instance of PPP, this concession deal also marks the investment record by a Turkish entity in Ecuador. Yilport Holding will transfer its global expertise from 21 terminal operations around 8 countries into Puerto Bolívar as the agreement goes into effect. Puerto Bolívar will deliver superior service above international standards, and will be transformed into the largest container terminal in Latin America.

At the outset, Yilport won the tender for Puerto Bolívar in 2015. The preliminary agreement was signed in the presence of President of Turkey Recep Tayyip Erdogan and President of Ecuador Rafael Correa, coinciding with President Erdogan’s state visit to Ecuador in February 2016.

The handover process commenced following the signature on August 8, to conclude in 90 days.

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